EX-99.1 2 afbi-ex99_1.htm EX-99.1 EX-99.1

 

 

Affinity Bancshares, Inc.

Announces Third Quarter 2024

Financial Results

 

 

Affinity Bancshares, Inc. (NASDAQ:“AFBI”) (the “Company”), the holding company for Affinity Bank (the “Bank”), today announced net income of $1.7 million for the three months ended September 30, 2024, as compared to $1.6 million for the three months ended September 30, 2023.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At or for the three months ended,

 

Performance Ratios:

 

September 30, 2024

 

 

June 30, 2024

 

 

March 31, 2024

 

 

December 31, 2023

 

 

September 30, 2023

 

Net income (in thousands)

 

$

1,730

 

 

$

1,031

 

 

$

1,335

 

 

$

1,514

 

 

$

1,623

 

Diluted earnings per share

 

 

0.26

 

 

 

0.16

 

 

 

0.20

 

 

 

0.23

 

 

 

0.25

 

Common book value per share

 

 

20.02

 

 

 

19.49

 

 

 

19.21

 

 

 

18.94

 

 

 

18.50

 

Tangible book value per share (1)

 

 

17.18

 

 

 

16.64

 

 

 

16.36

 

 

 

16.08

 

 

 

15.63

 

Total assets (in thousands)

 

 

878,561

 

 

 

873,582

 

 

 

869,547

 

 

 

843,258

 

 

 

855,431

 

Return on average assets

 

 

0.78

%

 

 

0.48

%

 

 

0.63

%

 

 

0.70

%

 

 

0.74

%

Return on average equity

 

 

5.43

%

 

 

3.33

%

 

 

4.38

%

 

 

5.03

%

 

 

5.42

%

Equity to assets

 

 

14.61

%

 

 

14.32

%

 

 

14.18

%

 

 

14.41

%

 

 

13.85

%

Tangible equity to tangible assets (1)

 

 

12.80

%

 

 

12.49

%

 

 

12.33

%

 

 

12.50

%

 

 

11.95

%

Net interest margin

 

 

3.52

%

 

 

3.71

%

 

 

3.38

%

 

 

3.32

%

 

 

3.36

%

Efficiency ratio

 

 

71.48

%

 

 

78.74

%

 

 

75.96

%

 

 

74.30

%

 

 

71.78

%

(1) Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and reconciliation to GAAP.

 

 

Net Income

 

•
Net income was $1.7 million for three months ended September 30, 2024 as compared to $1.6 million for the three months ended September 30, 2023, as a result of an increase in net interest income partially offset by an increase in noninterest expenses.

 

 

Results of Operations

 

•
Net interest income was $7.4 million for the three months ended September 30, 2024 compared to $6.9 million for the three months ended September 30, 2023. The increase was due to an increase in interest income on loans, partially offset by a rise in deposit and borrowing costs and a decrease in interest income on interest-earning deposits.
•
Net interest margin for the three months ended September 30, 2024 increased to 3.52% from 3.36% for the three months ended September 30, 2023. The increase in the margin relates to increases in our yield on earning assets exceeding our increases in our deposits and borrowing costs.
•
Noninterest income decreased $64,000 to $566,000 for the three months ended September 30, 2024.
•
Non-interest expense increased $298,000 to $5.7 million for the three months ended September 30, 2024 compared to the respective period in 2023, due to increases in professional fees related to our proposed merger with Atlanta Postal Credit Union and increases in salaries and employee benefits.
•
Net interest income was $21.7 million for the nine months ended September 30, 2024 compared to $20.5 million for the nine months ended September 30, 2023. The increase was due to an increase in interest income on loans

 

 

 

and investment securities, partially offset by a rise in deposit and borrowing costs and a decrease in interest income on interest-earning deposits.
•
Net interest margin for the nine months ended September 30, 2024 increased to 3.54% from 3.36% for the nine months ended September 30, 2023. The increase in the margin relates to increases in our yield on earning assets exceeding our increases in our deposits and borrowing costs.
•
Provision for credit losses, which is related to provision on unfunded commitments was $213,000 for the nine months ended September 30, 2024 compared to $7,000 for the nine months ended September 30, 2023.
•
Noninterest income decreased $5,000 to $1.8 million for the nine months ended September 30, 2024.
•
Non-interest expense increased $2.1 million to $18.0 million for the nine months ended September 30, 2024 compared to the respective period in 2023, due to increases in professional fees related to our proposed merger with Atlanta Postal Credit Union and increases in salaries and employee benefits.

 

Financial Condition

 

•
Total assets increased $35.3 million to $878.6 million at September 30, 2024 from $843.3 million at December 31, 2023, as we experienced loan growth.
•
Total gross loans increased $37.7 million to $697.6 million at September 30, 2024 from $659.9 million at December 31, 2023. The increase was due to steady loan demand in construction and commercial non-owner occupied properties.
•
Non-owner occupied office loans totaled $32.7 million at September 30, 2024; the average LTV on these loans is 46.6%, including
o
$14.5 million medical/dental tenants and
o
$18.2 million to other various tenants.
•
Investment securities held-to-maturity unrealized gains were $189,000, net of tax. Investment securities available-for-sale unrealized losses were $4.7 million, net of tax.
•
Cash and cash equivalents increased $2.3 million to $52.3 million at September 30, 2024 from $50.0 million at December 31, 2023.
•
Deposits increased by $9.3 million to $683.8 million at September 30, 2024 compared to $674.4 million at December 31, 2023, with a $16.5 million net increase in demand deposits partially offset by $7.1 million decrease in certificates of deposits.
•
Uninsured deposits were approximately $103.7 million at September 30, 2024 and represented 15.2% of total deposits.
•
Borrowings increased by $18.8 million to $58.8 million at September 30, 2024 compared to $40.0 million at December 31, 2023 as we continue to evaluate borrowing needs related to enhancing bank liquidity.

 

Asset Quality

 

•
Non-performing loans decreased to $4.9 million at September 30, 2024 from $7.4 million at December 31, 2023.
•
The allowance for credit losses as a percentage of non-performing loans was 172.4% at September 30, 2024, as compared to 120.1% at December 31, 2023.
•
Allowance for credit losses to total loans decreased to 1.20% at September 30, 2024 from 1.35% at December 31, 2023.
•
Net loan charge-offs were $523,000 for the nine months ended September 30, 2024, as compared to net loan charge-offs of $114,000 for the nine months ended September 30, 2023.

 

About Affinity Bancshares, Inc.

 

The Company is a Maryland corporation based in Covington, Georgia. The Company’s banking subsidiary, Affinity Bank, opened in 1928 and currently operates a full-service office in Atlanta, Georgia, two full-service offices in Covington, Georgia, and a loan production office serving the Alpharetta and Cumming, Georgia markets.

 

 

 

 

Forward-Looking Statements

In addition to historical information, this release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which describe the future plans, strategies and expectations of the Company. Forward-looking statements can be identified by the use of words such as “estimate,” “project,” “believe,” “intend,” “anticipate,” “assume,” “plan,” “seek,” “expect,” “will,” “may,” “should,” “indicate,” “would,” “contemplate,” “continue,” “target” and words of similar meaning. Forward-looking statements are based on our current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Accordingly, you should not place undue reliance on such statements. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this report. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, changes in general economic conditions, interest rates and inflation; changes in asset quality; our ability to access cost-effective funding; fluctuations in real estate values; changes in laws or regulations; changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; changes in technology; failures or breaches of our IT security systems; our ability to introduce new products and services and capitalize on growth opportunities; changes in the value of our goodwill and other intangible assets; our ability to successfully integrate acquired operations or assets; changes in accounting policies and practices; our ability to retain key employees; and the effects of natural disasters and geopolitical events, including terrorism, conflict and acts of war. These risks and other uncertainties are further discussed in the reports that the Company files with the Securities and Exchange Commission.

 

 

 

 

Average Balance Sheets

The following tables set forth average balance sheets, average annualized yields and costs, and certain other information for the periods indicated. No tax-equivalent yield adjustments have been made, as the effects would be immaterial. All average balances are monthly average balances. Non-accrual loans were included in the computation of average balances. The yields set forth below include the effect of deferred fees, discounts, and premiums that are amortized or accreted to interest income or interest expense.

 

 

 

For the Nine Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

 

Average
Outstanding
Balance

 

 

Interest

 

 

Average
Yield/Rate

 

 

Average
Outstanding
Balance

 

 

Interest

 

 

Average
Yield/Rate

 

 

 

(Dollars in thousands)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

681,876

 

 

$

30,575

 

 

 

5.99

%

 

$

659,416

 

 

$

26,131

 

 

 

5.30

%

Investment securities held-to-maturity

 

 

33,892

 

 

 

1,567

 

 

 

6.18

%

 

 

33,733

 

 

 

1,549

 

 

 

6.14

%

Investment securities available-for-sale

 

 

47,783

 

 

 

1,377

 

 

 

3.85

%

 

 

49,616

 

 

 

1,299

 

 

 

3.50

%

Interest-earning deposits and federal funds

 

 

51,105

 

 

 

1,964

 

 

 

5.13

%

 

 

69,340

 

 

 

2,527

 

 

 

4.87

%

Other investments

 

 

5,676

 

 

 

263

 

 

 

6.19

%

 

 

2,285

 

 

 

109

 

 

 

6.38

%

Total interest-earning assets

 

 

820,332

 

 

 

35,746

 

 

 

5.82

%

 

 

814,390

 

 

 

31,615

 

 

 

5.19

%

Non-interest-earning assets

 

 

50,238

 

 

 

 

 

 

 

 

 

51,675

 

 

 

 

 

 

 

Total assets

 

$

870,570

 

 

 

 

 

 

 

 

$

866,065

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing checking accounts

 

$

88,243

 

 

$

344

 

 

 

0.52

%

 

$

92,614

 

 

$

172

 

 

 

0.25

%

Money market accounts

 

 

145,284

 

 

 

3,496

 

 

 

3.21

%

 

 

139,726

 

 

 

2,472

 

 

 

2.37

%

Savings accounts

 

 

73,056

 

 

 

1,563

 

 

 

2.86

%

 

 

88,528

 

 

 

1,680

 

 

 

2.54

%

Certificates of deposit

 

 

218,641

 

 

 

6,884

 

 

 

4.21

%

 

 

207,734

 

 

 

5,691

 

 

 

3.66

%

Total interest-bearing deposits

 

 

525,224

 

 

 

12,287

 

 

 

3.12

%

 

 

528,602

 

 

 

10,015

 

 

 

2.53

%

FHLB advances and other borrowings

 

 

53,857

 

 

 

1,727

 

 

 

4.28

%

 

 

33,975

 

 

 

1,109

 

 

 

4.36

%

Total interest-bearing liabilities

 

 

579,081

 

 

 

14,014

 

 

 

3.23

%

 

 

562,577

 

 

 

11,124

 

 

 

2.64

%

Non-interest-bearing liabilities

 

 

166,911

 

 

 

 

 

 

 

 

 

184,871

 

 

 

 

 

 

 

Total liabilities

 

 

745,992

 

 

 

 

 

 

 

 

 

747,448

 

 

 

 

 

 

 

Total stockholders' equity

 

 

124,578

 

 

 

 

 

 

 

 

 

118,617

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

870,570

 

 

 

 

 

 

 

 

$

866,065

 

 

 

 

 

 

 

Net interest rate spread

 

 

 

 

 

 

 

 

2.59

%

 

 

 

 

 

 

 

 

2.55

%

Net interest income

 

 

 

 

$

21,732

 

 

 

 

 

 

 

 

$

20,491

 

 

 

 

Net interest margin

 

 

 

 

 

 

 

 

3.54

%

 

 

 

 

 

 

 

 

3.36

%

 

 

 

 

 

 

 

For the Three Months Ended September 30,

 

 

 

2024

 

 

2023

 

 

 

Average
Outstanding
Balance

 

 

Interest

 

 

Average
Yield/Rate

 

 

Average
Outstanding
Balance

 

 

Interest

 

 

Average
Yield/Rate

 

 

 

(Dollars in thousands)

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans

 

$

698,877

 

 

$

10,596

 

 

 

6.03

%

 

$

660,456

 

 

$

9,113

 

 

 

5.47

%

Investment securities held-to-maturity

 

 

33,235

 

 

 

511

 

 

 

6.12

%

 

 

34,158

 

 

 

525

 

 

 

6.10

%

Investment securities available-for-sale

 

 

47,600

 

 

 

435

 

 

 

3.64

%

 

 

49,242

 

 

 

461

 

 

 

3.71

%

Interest-earning deposits and federal funds

 

 

52,250

 

 

 

668

 

 

 

5.09

%

 

 

68,892

 

 

 

889

 

 

 

5.12

%

Other investments

 

 

6,091

 

 

 

92

 

 

 

6.01

%

 

 

2,053

 

 

 

36

 

 

 

6.96

%

Total interest-earning assets

 

 

838,053

 

 

 

12,302

 

 

 

5.84

%

 

 

814,801

 

 

 

11,024

 

 

 

5.37

%

Non-interest-earning assets

 

 

47,471

 

 

 

 

 

 

 

 

 

51,971

 

 

 

 

 

 

 

Total assets

 

$

885,524

 

 

 

 

 

 

 

 

$

866,772

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing checking accounts

 

$

87,569

 

 

$

127

 

 

 

0.58

%

 

$

90,682

 

 

$

73

 

 

 

0.32

%

Money market accounts

 

 

149,321

 

 

 

1,238

 

 

 

3.30

%

 

 

142,346

 

 

 

987

 

 

 

2.75

%

Savings accounts

 

 

71,003

 

 

 

509

 

 

 

2.85

%

 

 

81,756

 

 

 

569

 

 

 

2.76

%

Certificates of deposit

 

 

217,307

 

 

 

2,313

 

 

 

4.23

%

 

 

232,276

 

 

 

2,286

 

 

 

3.90

%

Total interest-bearing deposits

 

 

525,200

 

 

 

4,187

 

 

 

3.17

%

 

 

547,060

 

 

 

3,915

 

 

 

2.84

%

FHLB advances and other borrowings

 

 

63,323

 

 

 

701

 

 

 

4.40

%

 

 

20,000

 

 

 

208

 

 

 

4.13

%

Total interest-bearing liabilities

 

 

588,523

 

 

 

4,888

 

 

 

3.30

%

 

 

567,060

 

 

 

4,123

 

 

 

2.88

%

Non-interest-bearing liabilities

 

 

170,197

 

 

 

 

 

 

 

 

 

180,868

 

 

 

 

 

 

 

Total liabilities

 

 

758,720

 

 

 

 

 

 

 

 

 

747,928

 

 

 

 

 

 

 

Total stockholders' equity

 

 

126,804

 

 

 

 

 

 

 

 

 

118,844

 

 

 

 

 

 

 

Total liabilities and stockholders' equity

 

$

885,524

 

 

 

 

 

 

 

 

$

866,772

 

 

 

 

 

 

 

Net interest rate spread

 

 

 

 

 

 

 

 

2.54

%

 

 

 

 

 

 

 

 

2.49

%

Net interest income

 

 

 

 

$

7,414

 

 

 

 

 

 

 

 

$

6,901

 

 

 

 

Net interest margin

 

 

 

 

 

 

 

 

3.52

%

 

 

 

 

 

 

 

 

3.36

%

 

 

 

 

AFFINITY BANCSHARES, INC.

Consolidated Balance Sheets

(unaudited)

 

 

 

 

 

 

 

 

 

 

September 30, 2024

 

 

December 31, 2023

 

 

 

(Dollars in thousands except per share amounts)

 

Assets

 

Cash and due from banks

 

$

5,316

 

 

$

6,030

 

Interest-earning deposits in other depository institutions

 

 

46,983

 

 

 

43,995

 

Cash and cash equivalents

 

 

52,299

 

 

 

50,025

 

Investment securities available-for-sale

 

 

48,400

 

 

 

48,561

 

Investment securities held-to-maturity (estimated fair value of $32,571, net of allowance for credit losses of $45 at September 30, 2024 and estimated fair value of $33,835, net of allowance for credit losses of $45 at December 31, 2023)

 

 

32,273

 

 

 

34,206

 

Other investments

 

 

6,167

 

 

 

5,434

 

Loans

 

 

697,572

 

 

 

659,876

 

Allowance for credit loss on loans

 

 

(8,398

)

 

 

(8,921

)

Net loans

 

 

689,174

 

 

 

650,955

 

Other real estate owned

 

 

—

 

 

 

2,850

 

Premises and equipment, net

 

 

3,469

 

 

 

3,797

 

Bank owned life insurance

 

 

16,385

 

 

 

16,086

 

Intangible assets

 

 

18,223

 

 

 

18,366

 

Other assets

 

 

12,171

 

 

 

12,978

 

Total assets

 

$

878,561

 

 

$

843,258

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

Non-interest-bearing checking

 

$

161,361

 

 

$

154,689

 

Interest-bearing checking

 

 

87,947

 

 

 

85,362

 

Money market accounts

 

 

151,232

 

 

 

138,673

 

Savings accounts

 

 

69,426

 

 

 

74,768

 

Certificates of deposit

 

 

213,804

 

 

 

220,951

 

Total deposits

 

 

683,770

 

 

 

674,443

 

Federal Home Loan Bank advances and other borrowings

 

 

58,815

 

 

 

40,000

 

Accrued interest payable and other liabilities

 

 

7,600

 

 

 

7,299

 

Total liabilities

 

 

750,185

 

 

 

721,742

 

Stockholders' equity:

 

 

 

 

 

 

Common stock (par value $0.01 per share, 40,000,000 shares authorized;
   6,412,430 issued and outstanding at September 30, 2024 and 6,416,628 issued and outstanding at December 31, 2023)

 

 

64

 

 

 

64

 

Preferred stock (10,000,000 shares authorized, no shares outstanding)

 

 

—

 

 

 

—

 

Additional paid in capital

 

 

62,049

 

 

 

61,026

 

Unearned ESOP shares

 

 

(4,430

)

 

 

(4,587

)

Retained earnings

 

 

75,441

 

 

 

71,345

 

Accumulated other comprehensive loss

 

 

(4,748

)

 

 

(6,332

)

Total stockholders' equity

 

 

128,376

 

 

 

121,516

 

Total liabilities and stockholders' equity

 

$

878,561

 

 

$

843,258

 

 

 

 

 

AFFINITY BANCSHARES, INC.

Consolidated Statements of Income

(unaudited)

 

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

(Dollars in thousands except per share amounts)

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

 

$

10,596

 

 

$

9,113

 

 

$

30,575

 

 

$

26,131

 

Investment securities

 

 

 

1,038

 

 

 

1,022

 

 

 

3,207

 

 

 

2,957

 

Interest-earning deposits

 

 

 

668

 

 

 

889

 

 

 

1,964

 

 

 

2,527

 

Total interest income

 

 

 

12,302

 

 

 

11,024

 

 

 

35,746

 

 

 

31,615

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

4,187

 

 

 

3,915

 

 

 

12,287

 

 

 

10,015

 

FHLB advances and other borrowings

 

 

 

701

 

 

 

208

 

 

 

1,727

 

 

 

1,109

 

Total interest expense

 

 

 

4,888

 

 

 

4,123

 

 

 

14,014

 

 

 

11,124

 

Net interest income before provision for credit losses

 

 

 

7,414

 

 

 

6,901

 

 

 

21,732

 

 

 

20,491

 

Provision for credit losses

 

 

 

—

 

 

 

—

 

 

 

213

 

 

 

7

 

Net interest income after provision for credit losses

 

 

 

7,414

 

 

 

6,901

 

 

 

21,519

 

 

 

20,484

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges on deposit accounts

 

 

 

364

 

 

 

426

 

 

 

1,150

 

 

 

1,222

 

Net gain on sale of other real estate owned

 

 

 

—

 

 

 

—

 

 

 

135

 

 

 

—

 

Other

 

 

 

202

 

 

 

204

 

 

 

570

 

 

 

638

 

Total noninterest income

 

 

 

566

 

 

 

630

 

 

 

1,855

 

 

 

1,860

 

Noninterest expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

 

3,257

 

 

 

3,007

 

 

 

9,853

 

 

 

9,047

 

Occupancy

 

 

 

600

 

 

 

637

 

 

 

1,833

 

 

 

1,919

 

Data processing

 

 

 

520

 

 

 

525

 

 

 

1,538

 

 

 

1,504

 

Professional fees

 

 

 

356

 

 

 

160

 

 

 

1,737

 

 

 

475

 

Other

 

 

 

971

 

 

 

1,077

 

 

 

3,032

 

 

 

2,939

 

Total noninterest expenses

 

 

 

5,704

 

 

 

5,406

 

 

 

17,993

 

 

 

15,884

 

Income before income taxes

 

 

 

2,276

 

 

 

2,125

 

 

 

5,381

 

 

 

6,460

 

Income tax expense

 

 

 

546

 

 

 

502

 

 

 

1,285

 

 

 

1,525

 

Net income

 

 

$

1,730

 

 

$

1,623

 

 

$

4,096

 

 

$

4,935

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

6,412,511

 

 

 

6,417,754

 

 

 

6,415,246

 

 

 

6,500,562

 

Diluted

 

 

 

6,611,468

 

 

 

6,493,114

 

 

 

6,555,096

 

 

 

6,575,923

 

Basic earnings per share

 

 

$

0.27

 

 

$

0.25

 

 

$

0.64

 

 

$

0.76

 

Diluted earnings per share

 

 

$

0.26

 

 

$

0.25

 

 

$

0.62

 

 

$

0.75

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Explanation of Certain Unaudited Non-GAAP Financial Measures

 

Reported amounts are presented in accordance with GAAP. Additionally, the Company believes the following information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Refer to the Non-GAAP Reconciliation tables below for details on the earnings impact of these items.

 

 

 

For the Three Months Ended

 

Non-GAAP Reconciliation

 

September 30, 2024

 

 

June 30, 2024

 

 

March 31, 2024

 

 

December 31, 2023

 

 

September 30, 2023

 

Tangible book value per common share reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book Value per common share (GAAP)

 

$

20.02

 

 

$

19.49

 

 

$

19.21

 

 

$

18.94

 

 

$

18.50

 

 Effect of goodwill and other intangibles

 

 

(2.84

)

 

 

(2.85

)

 

 

(2.85

)

 

 

(2.86

)

 

 

(2.87

)

Tangible book value per common share

$

17.18

 

 

$

16.64

 

 

$

16.36

 

 

$

16.08

 

 

$

15.63

 

Tangible equity to tangible assets reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity to assets (GAAP)

 

14.61

%

 

 

14.32

%

 

 

14.18

%

 

 

14.41

%

 

 

13.85

%

Effect of goodwill and other intangibles

 

 

(1.81

)%

 

 

(1.83

)%

 

 

(1.85

)%

 

 

(1.91

)%

 

 

(1.90

)%

Tangible equity to tangible assets (1)

 

 

12.80

%

 

 

12.49

%

 

 

12.33

%

 

 

12.50

%

 

 

11.95

%

(1) Tangible assets is total assets less intangible assets. Tangible equity is total equity less intangible assets.